If January is any indication, 2015 will be a busy year for home buyers and sellers. Sales for all property types were up 5.5 percent with 229 transactions, compared to 217 a year ago.
According to the statistics published today by the Ann Arbor Area Board of REALTORS Multiple Listing Service, January sales for single family residential properties are up 4 percent from January 2014, at 158 sales, compared to 152 last year.
Condo sales are up 35 percent, with 54 sales in January 2015, compared to 40 sales last January.
Sale prices dropped slightly the average sale price in January was $233,444, a 3.8 percent drop from $242,596 in January 2014. Median sale price remained the same as last year at $206,500.
The total number of listings were up 8.2 percent, at 460 this January, compared to 425 last January. Single family residential listings were up 7.2 percent at 312, while condo listings were up just 1.6 percent with 62 listings in January compared to 61 a year ago.
The average listing price dropped slightly in January by 2.8 percent to $241,602, compared to $248,633 in 2014.
Buyer traffic has certainly increased over the last few weeks. Interest rates are still incredibly low and there are some new lower down payment options available. I expect the spring market to be very strong this year.
